ESPN first launched its gambling concern in 2020 under a different name, but by 2023, it was rebranded as ESPN Bet. Yet, after only two years, the cable sports network is already moving on, Sporting News reported.
The network announced a new deal with DraftKings on Thursday, bringing the popular gambling site into ESPN’s house.
The cabler reported that the new deal will take effect on December 1, and ESPN Bet will stop operating as its own sportsbook.
ESPN had hoped that ESPN Bet would serve as a rival to DraftKings and FanDuel. But the hoped for status never materialized.
Initially launched in 2020 as Barstool Sportsbook through a partnership with Penn, ESPN took complete control of it in 2023, when Barstool was sold back to its founder, Dave Portnoy. From November of that year on, it was rebranded as ESPN Bet. Penn and ESPN banked on the ESPN brand shooting ESPN Bet to the top of the betting market, but while it was in the top ten, it never approached the two most popular services.
The 2023 deal with Penn was worth $2 billion over 10 years. But Penn expected to gobble up at least 20 percent of the betting market, and that never occurred.
ESPN has not divulged the value of its deal with DraftKings.
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